Award only All funds raised goes into an annual award. Recipient receives x/9 per term (3 terms each year for 3 years).
Endowment only All funds (minimum of 30,000) go into an endowment. Recipient receives 0.05x/3 per term (5% of endowment per year for 3 terms each year).
Endowment, then award (endowment plus) $30,000 of funds go into an endowment, and the remainder is disbursed over 3 years as an annual award. Recipient receives (x-30,000)/9 + (0.05x/3) each term (amount raised less 30,000 divided over nine semesters plus the endowment payout of 5%).
Award, then endowment (award plus) All funds go into an annual award up to 6,000 per term and remainder goes toward establishing an endowment (minimum 30,000). Recipient receives a flat 6,000 per term. Endowment savings fund (award remainder) receives (x-54000)/3 (remainder divided by the 9 terms of the award).